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The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 26.1M

The Scholarship System

Are College Scholarships Taxable: Tax Rules for Scholarships

⏲ 10 minutes 24 seconds 👁 3.3K

College Funding Hero

Are College Scholarships Taxable?

⏲ 4 minutes 17 seconds 👁 437

Shakira may be innocent of the tax fraud charges against her, as Spanish prosecutors are now asking a second investigation into the star be dropped.

Shakira’s Second Tax Fraud Probe Dropped

⏲ 1:4 👁 3.4M

From Nest To Wings

You Owe Taxes on Your Scholarships?!?!

⏲ 8 minutes 31 seconds 👁 1K

CloudTax

Did You Receive A Scholarship Or Grant? Tax Tips For Students | CloudTax Tax Tips

⏲ 2 minutes 18 seconds 👁 3.4K

Applebee's and IHOP owner Dine Brands thinks deals can attract fast food customers frustrated by high menu prices. Full-service restaurants, fast food chains, and home cooking compete for fewer dining dollars as consumers pull back spending. Dine Brands CEO says their $10 burger is better quality than a $10 burger from a paper bag. Lower-income customers under $50,000 make up to 50% of Dine's business but are visiting less and spending carefully. Dine reiterated full-year guidance as first-quarter earnings missed estimates.

Applebee's Dine Brands Aims to Lure Fast Food Customers with Affordable Deals

⏲ 0:37 👁 405K

Forbes Breaking News

Sarah Huckabee Sanders Issues Blunt Warning To Biden: 'We Will Take The Federal Government To Court'

⏲ 8 minutes 52 seconds 👁 520K

Vincent Chan

IRS \"You'll NEVER Need to Pay Taxes Again... Legally\"

⏲ 12 minutes 36 seconds 👁 935.9K

Credit card data shows spending has remained relatively strong, but price sensitivity is rising, especially among lower-income consumers. Travel and experiences continue to see solid demand, but big-ticket home purchases have weakened amid economic uncertainty. Restaurant traffic has struggled as consumers dine out less frequently, citing affordability concerns. Discretionary purchases are under pressure as inflation squeezes budgets and consumers prioritize essentials over items like apparel.

Credit Card Data Reveals Strong Spending on Travel and Experiences, as Big-Ticket Home Purchases and Discretionary Spending Lag

⏲ 0:40 👁 685K

GOVERNOR TV

Watch Bawumia preaching Christian Leaders During Campaign Tour In Bono Region

⏲ 1 hour 2 minutes 9 seconds 👁 5.5K

Your Rich BFF

How to Avoid Paying Taxes LEGALLY

⏲ 7 minutes 20 seconds 👁 20.7K

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